Regulation 17 Requirement for a valid bid in the first round

Any bidder which does not submit a valid bid in the first round shall be excluded from the award process and shall not receive a refund of its initial deposit nor any sum that the bidder has paid as a deposit under regulation 29, which shall (where not already forfeited under regulation 36) be forfeited.

Where there are no valid bids in the first round, there shall be no subsequent rounds and there shall be no winning bidder.